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As on Oct 20, 2017 12:00 AM Your results on : Pre Session    
Base Metals Preview: COMEX Copper Resumes Winning Run
20-Oct-2017 (16:16)

COMEX Copper futures edged up after a brief fall this week as soaring equities boosted sentiments. Equities rose in Asia and Europe today after the US Senate adopted a fiscal 2018 budget resolution, taking a major step towards overhauling the US tax code. This supported Copper after the recent correction that took the metal away from its three and half year highs. The counter is currently trading at $3.20 per pound, up 1% on the day. MCX Copper futures are seen opening higher following this. The local futures closed at Rs 453.20 per kg yesterday, down 0.78% on the day.

World number two miner Rio Tinto announced in its third quarter production results this week that its copper production in the third quarter declined by 3% to 120,600 tonnes. The Anglo-Australian giant stated that lower copper head grades at the Rio Tinto Kennecott mine in the US and its Oyu Tolgoi copper-gold operation in Mongolia triggered the drop in output, according to media reports. Rio also trimmed its copper production guidance for the year to between 460,000 and 480,000 tonnes compared to previous estimates of 500–550,000 thousand tonnes in 2017

Copper pulled back this week amid slightly tepid US economic data. The Commerce Department released a report showing a much bigger than expected slump in housing starts in the month of September. The Commerce Department said housing starts plummeted by 4.7 % to an annual rate of 1.127 million in September from the revised August estimate of 1.183 million. With the Hurricanes Harvey and Irma disrupting single-family home construction in the South, housing starts slumped to their lowest level since September of 2016. Building permits, an indicator of future housing demand, also crashed by 4.5% to an annual rate of 1.215 million in September from a revised 1.272 million in August.

The US Federal Reserve also released its Beige Book, a compilation of anecdotal evidence on economic conditions in the twelve Fed districts. The Beige Book said reports from the twelve districts indicated that economic activity increased in September through early October, with the pace of growth split between modest and moderate. Employment growth was described as modest on balance, while the Fed said price pressures also remained modest since the previous report.

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